Pakistan to Partner with Gulf States for Strategic Oil Storage

Petroleum Minister Ali Pervaiz Malik announced a scheme where Gulf nations will store oil in Pakistan at their cost, supplying the world from there, with Pakistan having purchase rights during conflicts. This initiative aims to address Pakistan's vulnerability to oil supply disruptions, such as those caused by the US-Iran war and Strait of Hormuz blockades, which have led to price hikes. The plan, forwarded to the ECC, seeks to fulfill energy needs without direct spending on storage infrastructure. Enhanced energy security and reduced import bill pressure could support the PKR, potentially influencing local gold prices.

بحوالہ / Source: www.dawn.com